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Finance math homework help?
Mara took out a $6,000 loan for 5 months and was charged simple interest.
The total interest she paid on the loan was $195.
As a percentage, what was the annual interest rate of Mara's loan?
2 Answers
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- Wayne DeguManLv 73 weeks ago
$195 charged over 5 months is $39 in one month
i.e. $468 over twelve months
so, 468/6000 => 0.078
Hence, 7.8% p.a.
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